Bitcoin Price Drops Below $95,000 Amid Ongoing Decline

Bitcoin Price Update

Bitcoin traded below $95,000, declining from the $97,500 resistance zone.
Current price is below $97,000 and the 100 hourly Simple Moving Average.
A bearish trend line is forming with resistance at $94,900 on the hourly chart.
Support is found at $92,500; staying above this level could allow for potential increases.

Market Performance

Bitcoin failed to recover above $98,000, remaining in a bearish zone and dropping below $96,500. The lowest price recorded was $92,501.

Currently, Bitcoin is consolidating losses under the 23.6% Fibonacci retracement level of the decline from $102,760 to $92,500.

Resistance levels are noted at $95,000 and $96,500. A breakout above $96,500 could lead to testing $97,500 or higher levels.

If Bitcoin does not rise above $95,000, a new decline may occur. Key support levels are:

Technical indicators show a bearish MACD and an RSI below 50.